Lots of viewings but no offers

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Our house has been on the market since Tuesday last week and since then we have had 15 viewings and one offer £15k under asking price which subsequently fell through as they found another property. Also another potential second viewing (although apparently they really like it but they are concerned about price)

Spoke to estate agent and they think the issue is down to price and we should drop it by £10k as soon as possible. To be fair we do agree it's perhaps a little over priced in hindsight but not by a ridiculous amount.

If we weren't getting any viewings then I would agree that price must be a big issue but that is not the case.

I know it's early days but for 15 people to view and no solid offers there must be something not quite right.

I just wonder what the issue is and how best to approach this? We have wondered about getting another agent on board.

Any advice would be very gratefully received!

What feedback have you had?

I would guess that there is something that is putting people off once they're through the door that isn't evident from the photos. If people liked it, but thought it was overpriced, they'd make a low offer. If you've only had one offer out of 15 viewings, is there anything you can think of that would maybe put people off, and you can fix it?

I wouldn't necessarily drop the price so quickly.

If they aren't even making a low offer it is probably too expensive. It all depends on what you think is the right amount when you admit it's a little over priced and how urgently to need to find a buyer. If there were other issues mentioned then the agent should tell you. Good luck.

Thanks for your responses, the EA also said we should reduce asap rather than a sit and wait as this could be detrimental.

I wouldn't get another agent it screams desperate.

I looked at many many houses before finding this one. Apart from obvious problems like damp or not having done a single thing to the place in 20 years including cleaning it the problem was always that the price was too high. It's early days though, I'd give it a little longer.

(If by any chance you happen to be a red and yellow brick end terrace on a row of about 19 houses with no parking...you are WAY overpriced...you never know)

People will view overpriced houses expecting them to have some wow factor / USP, thus making them high priced than comparable homes. When they get there and discover not they won't even offer a much lower price, they'll just walk away (all in my very limited experience of course). So just because you're getting viewings at that price it definitely doesn't guarantee you any offers.

If you're overpriced then reduce, houses that have been for sale for months become less attractive, people assume there is something wrong etc

I also don't see the point of getting another agent - yours has got you 15 viewings so I don't see how you can blame them? Do you want to link to it for critique? What feedback has the EA received from the viewers?

Well I'm out voted here from posts above but I would say you are in the right price area with so many viewings, so it's just something that isn't clicking. Probably through no fault of your own.. but if there is something you can change /update make sure you do

I'd say leave it a while longer as it is and the right person will come along, just through law of averages.

Agree with pp people will view overpriced houses! How many valuations did you get and where is the price sitting within that? Also have you looked what similar properties are going for near you?

The agent has told you it is overpriced. Listen to them.

All these 15 will be registered with another agent(s) anyway! Plus everyone else who might be looking. It is what buyers do.

I can never understand why people overprice if there is not a rising market. Even then you will have to wait unless you have a stunning kitchen and bathroom, fantastic garden and lots of space superbly decorated. If you don't, why risk no offers?

All depends on how keen you are to sell. Understand the the EA's motivation is not the same as yours (they want a quick sale at a lesser price which may be a big sum to you but won't really affect the amount of their commission). Selling our flat (in London) we had 70+ viewings and a single, derisory, offer. There was an issue with the flat that we couldn't do anything about but which was totally common in our area. Having watched the EA conduct a couple of viewings, I wasn't in the least surprised we'd had no offers - they were clearly expecting the flat to sell itself. Changed EA, who whacked up the price considerably, sold it very quickly at the higher price. I'm doesn't matter if changing EA will 'look desperate' if you're not actually desperate. Have you seen viewings being conducted?

Phoolani makes an interesting point. I have an agent that shows around and not once when they have done the viewing have they raised an offer or second viewing.

When I have done it it's been bit more successful - so maybe it is that?

Drop the price by all means as everything sells cheap enough but I'm also reading if you are fairly priced then you will get a buyer it's just a matter of when and if you can wait.

So it's been on the market less than a fortnight and your agent is recommending you drop the price by 10k already?

Did you put it up for more than that valued it at? Because if not then they are crap. I wonder if they are one of the notorious EA chains that overvalue to get your business then immediately reevaluate.....

Although in a buoyant market any half decent house that doesn't sell reasonably quickly is almost always up for too much money.

First, your house hasn't been on long.

Second, for your agent to be so keen to drop the price so quickly suggests they suggested the high price in the first place purely to encourage you to go with them. Now they have your custom, they suggest dropping the price to get the sale.

What prices did the other agents suggest?

Also, were those who saw your house just people the EA had on their books, and they suggested the viewers pop in to see your house? Or are they people who saw the house on the web, and were interested?

So the EA who came up with the price in the first place is now saying that price is the problem and you should reduce?

Is he also saying 'I'm sorry I overvalued your house in order to get your business because I'm a slippery little shyster'?

Had this, bought the t-shirt etc Estate agent wankerness.

You probably would be better off lowering the price, especially if yo felt it was too high yourself anyway.

A lesson about EAs to keep in the memory bank for next time you sell.

slippery little shyster

My god, I wish I lived in an area where vendors accept the fact that their houses are initially overpriced and start to reduce them after only a week or two on the market... round here houses are left sat on the market for 1,2,3 even 5 years still at the original delusional asking prices!

I agree with everybody (that sounds funny )

Do you live in London? I'm putting my house up for sale next week. I'll be surprised if I have a viewing within the first week (though I have only ever sold one property before and we didn't have much success luckily one offer which went through).

I'm also surprised by the amount of people saying the estate agent does the viewings. That doesn't seem to happen round here either. But I don't think anyone better than the occupant could sell it, the estate agents don't have kids in the local schools or know the neighbours.

It seems very quick to drop the price but if you think it's overpriced what about 5k drop?

Thanks for all your replies.
Yes we are in London.
Estate agent has suggested a slight tweak in price as the activity we've had so far suggests we are not far off ball park.
And it's better to do it now rather then let it sit for months on end.

We didn't intentionally over price. The valuations from EAs were so hugely varied it's been difficult to decide what's best. Also our house is quite unique it's difficult to compare to others.

At least you have gone with something you were happy with rather than being bullied into a low price which means the house basically sells its self and they aren't doing much!!

Would you put the right move link on so we can give feedback? I'm not so sure about the price thing if you've had so many viewings. Our house was overpriced so we offered 25k less and they accepted as I think they knew they were taking the piss tbh.

If your house is unusual then you are bound to get a lot of viewings that don't click- just make sure that the uniqueness is as clear as possible from the photos and description online so not too many viewers are shocked. You'll probably get some who are just curious too see inside your unique place.